Aviva to sell entire shareholding in Aviva Vietnam

RNS Number : 5182I
Aviva PLC
14 December 2020
 

 

14 December 2020

 

Aviva to sell entire shareholding in Aviva Vietnam

 

In line with the announced strategy, Aviva plc ("Aviva") has agreed to sell the entire shareholding in its wholly-owned life insurance business in Vietnam, Aviva Vietnam Life Insurance Company Limited ("Aviva Vietnam"), to Manulife Financial Asia Limited ("Manulife") for an all cash consideration. The transaction is expected to increase Aviva's IFRS Net Asset Value and Solvency II surplus by c.£0.1 billion.

 

As part of the transaction, Manulife will enter into a new distribution agreement with Aviva Vietnam's existing exclusive bancassurance partner, Vietnam Joint Stock Commercial Bank for Industry and Trade ("Vietinbank").

 

The transaction is subject to certain closing conditions, including regulatory approval, and is expected to complete in the second half of 2021.

 

-ends-

 

Enquiries :

 

Media:

 

Andrew Reid  +44 (0)7800 694 276

Sarah Swailes  +44 (0)7800 694 859

 

Analysts:

 

Diane Michelberger                                                                                          +44 (0)20 7662 0911

 

 

Notes to editors :

· For information on how Aviva is helping our people, customers and communities impacted by COVID-19 visit: www.aviva.com/covid-19-our-response/  

· We exist to be with people when it really matters, throughout their lives - to help them make the most of life. We have been taking care of people for more than 320 years, in line with our purpose of being 'with you today, for a better tomorrow'.

· In 2019, we paid £33.2 billion in claims and benefits on behalf of our 33.4 million customers.  

· Aviva is invested in our people, our customers, our communities and our planet. We were the first international insurer to go operationally carbon neutral in 2006, we have invested £6bn in low carbon infrastructure since 2015 and we are a member of the UN Net Zero Asset Owner Alliance.

· Aviva is a Living Wage and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at www.aviva.com/social-purpose  

· We will focus on the UK, Ireland and Canada where we have leading market positions and significant potential. We will invest for growth in these markets. Our international businesses in Europe and Asia will be managed for long-term shareholder value. We will also transform our performance and improve our efficiency. Our transformation will be underpinned by managing our balance sheet prudently, reducing debt and increasing our financial resilience.

· Total group assets under management at Aviva group are £522 billion (HY20) and our Solvency II capital surplus is £11.8 billion (Q320). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.

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